Saudi Aramco may offer discounted shares to citizens
Saudi Arabia
Dubai - Arab Today
Saudi Aramco which is planned its initial public share offering is also considering discounted shares for local investors, according to a Bloomberg report, quoting ‘people with knowledge of the matter’.
According to the report, the oil giant is looking at ways to structure the IPO in various tiers, so that Saudi buyers can receive the stock at a lower price than overseas investors.
This is in line with the practice in the Kingdom, where shares in government-owned companies have been offered to nationals at nominal value.
The stock market regulator last year approved new rules to price initial public offerings based on demand.
According to John Sfakianakis, director of economic research at the Gulf Research Center, it is how the government has in the past shared wealth with its nationals “as some recent measures have impacted incomes.”
The share pricing or listing venue for the Saudi Aramco IPO has not been decided.
Source :Al Arabiya
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